These words were recently spoken by Thomas L Hungerford of the US Congressional Research Service. He said: “The top [US] income tax rates have changed considerably since the end of World War II. Throughout the late-1940s and 1950s, the top marginal tax rate was typically above 90 per cent; today it is 35 per cent. Additionally, the top capital gains tax rate was 25 per cent in the 1950s and 1960s, 35 per cent in the 1970s; today it is 15 per cent. The average tax rate faced by the top...Read More

It’s been a busy week for QE. Japan hit the virtual printing press again. This time it was QE7. The latest minutes from the Bank of England’s interest setting committee implied more QE is on the cards. And you will no doubt recall that the US Fed released its latest version...Read More

These words were recently spoken by Thomas L Hungerford of the US Congressional Research Service. He said: “The top [US] income tax rates have changed considerably since the end of World War II. Throughout the late-1940s and 1950s, the top marginal tax rate was typically above 90 per cent; today it...Read More

Last week we said that evidence of a UK recovery is mounting: industrial production saw its biggest jump in 25 years in July, numbers employed in the three months to July rose 236,000, the OECD predicted a pick-up for the UK next year, and the...Read More

A lot of economists don’t get it. Why oh why, oh why? The UK economy has been contracting of late, but employment rising. In Q1 of this year UK labour productivity, measured as output per hour, fell by 1.3 per cent, and UK unit labour costs increased by 1.4...

So, are UK house prices too high? Let’s make a comparison with the US.

Take Dean Baker, an economist from Down Under. You have to feel sorry for the Aussies. They can’t play sport, but at least they have good economists. For Mr Baker is a good economist; he predicted the...Read More

Then there is the Halifax. It calculated that the cost of buying a home in terms of percentage of income required to fund a mortgage is now at its lowest in 15 years. Apparently, the average buyer now only has to put away 26 per cent of disposable income towards...Read More

Last month, something rare happened. Hometrack, Nationwide, and Halifax were in agreement. Well, prices can either go up or down. Strictly speaking the odds that the three of them might agree are one in four. In practise, it...Read More

Last week we said that evidence of a UK recovery is mounting: industrial production saw its biggest jump in 25 years in July, numbers employed in the three months to July rose 236,000, the OECD predicted a pick-up for the UK next year, and the...Read More

It’s been a busy week for QE. Japan hit the virtual printing press again. This time it was QE7. The latest minutes from the Bank of England’s interest setting committee implied more QE is on the cards. And you will no doubt recall that the US Fed released its latest version...Read More

A lot of economists don’t get it. Why oh why, oh why? The UK economy has been contracting of late, but employment rising. In Q1 of this year UK labour productivity, measured as output per hour, fell by 1.3 per cent, and UK unit labour costs increased by 1.4...

This is no wind up. The last week or so has seen hints. The green shoots may not be big, peeking above the surface like scared mice, but they have been there all the same. So is this for real? Has the recovery begun?

In California, Steve Jobs is worshiped. At least in the region surrounding the Apple headquarters he is. It’s not like those Egyptian Pharaohs, who became gods after they died, but it is not that much different.
And so it was that court based no more than half an hour’s drive...Read More